WSJ : Ireland's Fate Tied to Doomed Banks

Dreaded_Estate

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Ireland's Fate Tied to Doomed Banks - WSJ.com

DUBLIN—With doubts swirling about the solvency of the Irish state in early September, Finance Minister Brian Lenihan summoned a dozen senior government and bank officials to a conference room nicknamed the "torture chamber," a nod to its history as a venue for painful meetings.

For two years, Ireland had poured money on a raging banking crisis, to no avail. Each estimate of the rising price of rescuing Ireland's banks turned out too low. Mr. Lenihan needed to halt the drip-drip of bad news that was leading his country to ruin. "I want a final figure ASAP," he told the group.

Two weeks later, the estimate came in: Up to €50 billion—nearly $50,000 for every household in the Emerald Isle.

But now, investors are betting the bill could be higher still and could reignite Europe's sovereign-debt crisis. The unpopular government is bracing for collapse, and on Tuesday, Irish government bonds continued a week-long slide to a fresh record low. The debt is judged as risky as Greece's was this spring just before that nation begged for a European Union bailout
Nothing much new but a good synopsis of how we got to where we are.
 


budgie29

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Yep its official, we are the new Greece.

If FF/Greens have any integrity left they will pass the 6bn budget and then call a general election.
 

He3

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Imagine the US cutting the Defense Department

Mr. Lenihan, racing to ease those fears, proposed Thursday shrinking the country's 2011 budget by €6 billion. Proportionally, that's as if the U.S. suddenly eliminated the Defense Department.

It wasn't supposed to be this way. In October 2008, Mr. Lenihan boasted that his government had devised "the cheapest bailout in the world so far."
 

LongShanks

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Yep its official, we are the new Greece.

If FF/Greens have any integrity left they will pass the 6bn budget and then call a general election.
According to the Greeks they're not Ireland.

FF/Greens and integrity in the same sentence?
 

Expatriot

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Go on then, some sock puppet government supporter tell us how wrong we are in a condescending way. You useless traitors.
 

Mister men

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Mr. Lenihan, racing to ease those fears, proposed Thursday shrinking the country's 2011 budget by €6 billion. Proportionally, that's as if the U.S. suddenly eliminated the Defense Department.

It wasn't supposed to be this way. In October 2008, Mr. Lenihan boasted that his government had devised "the cheapest bailout in the world so far."
:lol: If it was'nt so pathetic it would be funny. I actually admire FF for lasting this long. Pretty amazing tbh.
 

He3

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They did not have much in the way of opposition.
 

cedissapointed

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Chinese could buy irish banks

What we should do is sell our banks at a knock down price to the chinese,they are a nation of great wealth and are still in a situation of growth this furthermore would actually help the chinese in the future,as they could trade through a western front,instead of having to go through the motions of having to set up a bank in another country and go through the motions of recruitment,consultants etc.Far more cost effective for them in the long run,not to mention the finacial benefits of this for the chinese.
 

He3

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Former US Bank regulator Bill Black was on Vincent Browne's show last night. He is over for the kilkenomics.com thing in Kilkenny this weekend.

He spoke clearly and sensibly. He had constructive suggestions.

That was what was so spooky about him - such people do not seem to exist in the Irish public structures.

Worth catching.
 
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